Supersymmetric SU(5) GUT augmented with anomaly free U(1)_F flavor symmetry is presented. Very economical field content and U(1)_F charge assignment are obtained by specific construction. In particular, three families of 10+5* chiral matter, along the SU(5) singlet states (some of which serve as right handed neutrinos) are obtained. Appealing texture zero Yukawa matrices provide natural understanding of hierarchies between charged fermion masses and mixings. The model predicts inverted hierarchical neutrino mass scenario with interesting implications.
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